G7, Australia reach deal on price caps for Russian fuel and US Treasury official says price caps on Russian oil targets its ability to continue military offensive in Ukraine — now in its 346th day Follow our live coverage👇
European Union offers strong support for Ukraine at a summit in Kiev but sets"no rigid time lines" for its accession to the wealthy bloc as fighting enters its 346th day.
Ukrainian soldiers attend drills of armed forces at the border with Belarus, amid Russia's attack on Ukraine, near Chornobyl, Ukraine. The Group of Seven industrialised countries and Australia have reached agreement on price caps for Russian petroleum products, the group said in a statement, after a similar announcement by the EU.
There are two price levels, $100 per barrel for more expensive fuel like diesel and $45 on lower-quality products such as fuel oil, the statement said, adding that the policy aims "to prevent Russia from profiting from its war of aggression against Ukraine" and support stability in energy markets. The intent of Western price caps on Russian crude and oil product exports is to reduce revenues that Russia can use to fight war in Ukraine, not to "crash" Russia's economy, a senior US Treasury official told reporters.
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